Coin Press - Economy

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Featured

Trump brushes off latest US inflation jump

US President Donald Trump on Wednesday brushed off consumer inflation surging to a fresh three-year-high in May, with soaring energy prices caused by his war in Iran posing a key challenge to Republicans ahead of midterm elections.

Stocks slide on US inflation surge, tech weakness

Global stock markets mostly fell on Wednesday as fresh strikes in the Middle East, a jump in US inflation and a tech sell-off weighed on sentiment.

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Struggling Air India sold after 69 years in govt hands

India's beleaguered national carrier landed back in the hands of its founders Thursday, decades after it was nationalised and following years as a monumental burden on the public purse.

Stocks tumble on US rate hike uncertainty

Equity markets mostly retreated Thursday, with the sharpest losses in Asia, after Federal Reserve chief Jerome Powell refused to be drawn on the pace of US interest rate hikes to battle decades-high inflation.

UAE largest bank makes record profit in 2021

The UAE’s largest bank, First Abu Dhabi Bank, announced Thursday it scooped record annual net profit of $3.4 billion in 2021, a 19 percent increase over the previous year.

Nissan alliance to invest $25 bn in electric vehicles over 5 years

The Nissan auto alliance said Thursday it will invest 23 billion euros ($25.7 billion) in electric vehicles over the next five years, marking the latest massive cash injection into the fast-growing sector by the auto industry.

EasyJet halves first-quarter loss despite Omicron

British airline EasyJet slashed losses by half in the first quarter, despite the emergence of the Omicron coronavirus variant which disrupted the travel industry, the company said Thursday.

EU launches WTO case against China over Lithuania row

The European Union on Thursday launched a case against China at the World Trade Organization (WTO) for targeting Lithuania over its stance on Taiwan.

Apple's iPhone retakes top spot in China smartphone market: research

Apple reclaimed its position as the top smartphone seller in China after six years, clocking a record market share in the final quarter of 2021 as US sanctions hit rival Huawei, according to researchers.

Six sue Fukushima nuclear plant operator over thyroid cancer

Six young people will sue the operator of Japan's stricken Fukushima nuclear plant on Thursday over claims they developed thyroid cancer due to exposure to radiation after the facility's meltdown.

Samsung reports 53% jump in profit despite supply chain woes

South Korean tech giant Samsung Electronics said Thursday its operating profit rose 53.3 percent in the fourth quarter of 2021, as record sales helped overcome pandemic-induced supply chain challenges.

Tesla reports record profit, sees more supply chain woes in 2022

Tesla rode rising demand for electric vehicles to a record $5.5 billion profit in 2021, but cautioned that supply chain problems would continue to crimp production through 2022.

Fed signals first US rate hike since pandemic coming in March

Federal Reserve Chair Jerome Powell on Wednesday gave a clear signal the central bank is ready to raise US interest rates in March for the first time since cutting them to zero when Covid-19 broke out.

Three, two, one: astronomers predict SpaceX space junk will hit the Moon

A chunk of a SpaceX rocket that blasted off seven years ago and was abandoned in space after completing its mission will crash into the Moon in March, experts say.

Far-right, nationalist leaders to meet in Madrid Friday

Hungary and Poland's leaders and France's Marine Le Pen will be in Madrid later this week for a gathering of nationalist and far-right leaders, Spain's Vox party said on Wednesday.

Bank of Canada keeps benchmark rate unchanged despite inflation

The Bank of Canada said Wednesday it is keeping its benchmark overnight lending rate unchanged at 0.25 percent despite inflationary pressures, citing the harmful effects of the Omicron variant on the economy.

Stocks rally before key Fed update, oil hits $90

European and US stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.

Putin, Italian firms talk business despite Ukraine tensions

Russian President Vladimir Putin spent more than two hours Wednesday in a virtual meeting with top Italian executives, despite Rome's opposition to the event due to escalating tensions over Ukraine.

Boeing reports another loss due to 787 woes

Boeing reported a hefty fourth-quarter loss Wednesday as mounting costs connected to the widebody 787's woes more than offset a boost from the comeback of the 737 MAX after a lengthy grounding.

After days of tumult, Wall Street awaits Fed's moves on inflation

The conclusion of the Federal Reserve's first policy meeting of the year on Wednesday can't come soon enough for Wall Street, which has experienced days of chaotic trading as investors fret over what steps the central bank might take to counter inflation.

US lawmakers mull computer chips, China competition bill

US lawmakers were studying proposals Wednesday to jumpstart high-tech research and manufacturing, boost competition with China and ease a global shortage of crucial computer chips.

Boeing reports large loss on $3.8 bn costs tied to 787 woes

Boeing reported a hefty fourth-quarter loss Wednesday on mounting costs associated with the widebody 787, of which it has suspended deliveries due to quality problems.

English cricket comes under fresh fire over racism

English cricket is back in the firing line over racism in the game after "stereotypical" and "outdated" views were expressed about the reasons for a lack of interest in the game among Britain's ethnic-minority communities.

Intel wins appeal against EU's 1-bn-euro antitrust fine

An EU court on Wednesday annulled a 1.06 billion euro fine against US chipmaker Intel, finding that Brussels had failed to adequately prove anti-competitive practices in a key aspect of the case, a statement said.

European stocks rally before key Fed update

European stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.

Afghan women rally at Taliban approved protest

Scores of Afghan women rallied in Kabul on Wednesday in a Taliban sanctioned protest endorsing their regime and calling on the West to unfreeze the nation's assets as its humanitarian crisis deepens.

Greece, Turkey reel from political fallout of snowstorm

Turkey's main airport stirred back to life on Wednesday and Greece's under-fire prime minister issued a formal apology as the east Mediterranean neighbours faced the political fallout of a paralysing blizzard.

Hong Kong transgender men lose court case on ID cards

Trans people in Hong Kong will not be allowed to have their gender officially recognised on their identity documents unless they undergo sex reassignment surgery, a court ruled on Wednesday.

Rio Tinto begins underground work at vast Mongolia copper mine: state media

Underground operations have finally begun at a copper mine in Mongolia, official media has reported, ending years of delays for Anglo-Australian giant Rio Tinto.

Used cars turn to gold as Sri Lanka economy skids on the edge

Supermarket shelves are bare and restaurants can't serve meals, but Sri Lanka's economic crisis is a bonanza for used car dealers, with vehicle shortages pushing prices higher than a house in a nice area.

Asian markets enjoy much-needed rally as Fed's big day arrives

Asian markets enjoyed some respite Wednesday from the hefty selling at the start of the week, with focus on the end of the Federal Reserve's policy meeting later in the day, when traders hope it will provide much-needed guidance on its plans for hiking interest rates.

Fearful Wall Street awaits Fed's next moves on inflation

The Federal Reserve's first policy meeting of the year hasn't even concluded but Wall Street already is unhappy, wary of what central bank chief Jerome Powell might say on Wednesday about his inflation-fighting plans.

IMF's Gopinath says time to 'recalibrate' Covid restrictions

China should begin to "recalibrate" its aggressive anti-Covid policy as other countries are doing, to try to ease the negative impact the pandemic continues to have on global supply chains and economic growth, a senior IMF official said on Tuesday.

IMF urges El Salvador to remove Bitcoin as legal tender

The IMF on Tuesday called on El Salvador to change course and stop using Bitcoin as legal tender, citing "large risks" posed by the cryptocurrency.

Coin Press - Economy (English)